CRYPTONAIRE
WEEKLY CRYPTO investment journal
ECB Says it Must be Prepared to Issue Digital Euro
The European Central Bank (ECB) said today that it must be prepared to issue a digital euro, in light of the way that digitisation is spreading to all areas of life. Today’s announcement has been timed alongside the publication of a digital euro report, which set out the reasons to issue a digital euro, the potential effects this might have on the continent, as well as the legal consequences that a digital euro might cause. But one thing is for certain: the ECB wants to protect the euro from getting left behind.
“The euro belongs to Europeans and we are its guardian. We should be prepared to issue a digital euro, should the need arise,” said Christina Lagarde, president of the ECB. In today’s announcement, Fabio Panetta, member of the Executive Board of the ECB, addressed the rapid impact digitization is having on societies. “The way we pay is no exception. Our practices are changing - in some countries rapidly so,” said Panetta. The ECB’s report offered an assessment of the economic, strategic, technological and social choices that factor into the creation of a digital euro. It will form the basis of a public consultation launching on October 12, 2020. Other characteristics of the digital euro set out in the report include cyber resilience and digital efficiency. The report said, “Digital euro services will need to be highly resilient to cyber threats and capable of providing a high level of protection to the financial ecosystem from cyberattackers.” It added that the digital euro should “keep pace with state-of-the-art technology at all times in order to best address the needs of the market.” Read more...
Cryptonaire Weekly | October 6th 2020
16
+44 (0) 207 193 2931
